Federated InterContinental Fund

A Portfolio of Federated Equity Funds

CLASS A SHARES (TICKER RIMAX)
CLASS B SHARES (TICKER ICFBX)
CLASS C SHARES (TICKER ICFFX)
CLASS R SHARES (TICKER ICFKX)
INSTITUTIONAL SHARES (TICKER ICFIX)

SUPPLEMENT TO SUMMARY PROSPECTUS DATED January 31, 2013

Effective June 24, 2013, under the section entitled “RISK/RETURN SUMMARY: FEES AND EXPENSES,” please replace the “Fee Table” and “Example” in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class B Shares (B), Class C Shares (C), Class R Shares (R) and Institutional Shares (IS) of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated funds. More information about these and other discounts is available from your financial professional and in the “What Do Shares Cost?” section of the Prospectus on page 14.

Shareholder Fees (fees paid directly from your investment)	A	B	C	R	IS
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)	0.00%	5.50%	1.00%	None	None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price)	None	None	None	None	None
Redemption Fee (as a percentage of amount redeemed, if applicable)	None	None	None	None	None
Exchange Fee	None	None	None	None	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee	0.90%	0.90%	0.90%	0.90%	0.90%
Distribution (12b-1) Fee	0.00%¹	0.75%	0.75%	0.50%	None
Other Expenses	0.56%	0.75%	0.59%	0.47%	0.26%
Acquired Fund Fees and Expenses	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses	1.47%	2.41%	2.25%	1.88%	1.17%
Fee Waivers and/or Expense Reimbursements²	0.17%	0.32%	0.16%	0.39%	0.18%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements	1.30%	2.09%	2.09%	1.49%	0.99%

The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the “Trustees” ).

Total Annual Fund Operating Expenses have been restated to reflect an anticipated decrease in the Management Fee. Effective June 24, 2013, the Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses and Tax Reclaim Recovery Expenses) paid by the Fund's A, B, C, R and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 1.29%, 2.08%, 2.08%, 1.48% and 0.98% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) July 1, 2014; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that the operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

Share Class	1 Year	3 Years	5 Years	10 Years
A:
Expenses assuming redemption	$691	$989	$1,309	$2,211
Expenses assuming no redemption	$691	$989	$1,309	$2,211
B:
Expenses assuming redemption	$794	$1,151	$1,485	$2,513
Expenses assuming no redemption	$244	$751	$1,285	$2,513
C:
Expenses assuming redemption	$328	$703	$1,205	$2,585
Expenses assuming no redemption	$228	$703	$1,205	$2,585
R:
Expenses assuming redemption	$191	$591	$1,016	$2,201
Expenses assuming no redemption	$191	$591	$1,016	$2,201
IS:
Expenses assuming redemption	$119	$372	$644	$1,420
Expenses assuming no redemption	$119	$372	$644	$1,420

June 14, 2013

Federated InterContinental Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

Q451754 (6/13)

Federated InterContinental Fund

A Portfolio of Federated Equity Funds

CLASS A SHARES (TICKER RIMAX)
CLASS B SHARES (TICKER ICFBX)
CLASS C SHARES (TICKER ICFFX)
CLASS R SHARES (TICKER ICFKX)
INSTITUTIONAL SHARES (TICKER ICFIX)

SUPPLEMENT TO PROSPECTUS DATED January 31, 2013

1. Effective June 24, 2013, under the section entitled “RISK/RETURN SUMMARY: FEES AND EXPENSES,” please replace the “Fee Table” and “Example” in their entirety with the following:

Shareholder Fees (fees paid directly from your investment)	A	B	C	R	IS
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50%	None	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)	0.00%	5.50%	1.00%	None	None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price)	None	None	None	None	None
Redemption Fee (as a percentage of amount redeemed, if applicable)	None	None	None	None	None
Exchange Fee	None	None	None	None	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee	0.90%	0.90%	0.90%	0.90%	0.90%
Distribution (12b-1) Fee	0.00%¹	0.75%	0.75%	0.50%	None
Other Expenses	0.56%	0.75%	0.59%	0.47%	0.26%
Acquired Fund Fees and Expenses	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses	1.47%	2.41%	2.25%	1.88%	1.17%
Fee Waivers and/or Expense Reimbursements²	0.17%	0.32%	0.16%	0.39%	0.18%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements	1.30%	2.09%	2.09%	1.49%	0.99%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Share Class	1 Year	3 Years	5 Years	10 Years
A:
Expenses assuming redemption	$691	$989	$1,309	$2,211
Expenses assuming no redemption	$691	$989	$1,309	$2,211
B:
Expenses assuming redemption	$794	$1,151	$1,485	$2,513
Expenses assuming no redemption	$244	$751	$1,285	$2,513
C:
Expenses assuming redemption	$328	$703	$1,205	$2,585
Expenses assuming no redemption	$228	$703	$1,205	$2,585
R:
Expenses assuming redemption	$191	$591	$1,016	$2,201
Expenses assuming no redemption	$191	$591	$1,016	$2,201
IS:
Expenses assuming redemption	$119	$372	$644	$1,420
Expenses assuming no redemption	$119	$372	$644	$1,420

2. Effective June 24, 2013, under the section entitled “Who Manages the Fund,” please replace the introductory sentence under the sub-section “Advisory Fees” with the following:

“The Fund's investment advisory contract provides for payment to the Adviser of an annual investment advisory fee of 0.90% of the Fund's average daily net assets.”

3. Effective June 24, 2013, under the section entitled “Payments to Financial Intermediaries,” in the sub-section entitled “Rule 12b-1 Fees A, B, C & R Classes,” please delete the following sentence:

“The Fund's A class has no present intention of paying or accruing a Rule 12b-1 Fee during the fiscal year ending November 30, 2013.”

and replace it with:

“The A class of the Fund has no present intention of paying, accruing or incurring any Rule 12b-1 Fees until such time as approved by the Fund's Board of Trustees.”

4. Effective June 24, 2013, under the section entitled, “Appendix A: Hypothetical Investment and Expense Information,” please replace the charts with the following:

FEDERATED INTERCONTINENTAL FUND - A CLASS
ANNUAL EXPENSE RATIO: 1.47%
MAXIMUM FRONT-END SALES CHARGE: 5.50%
Year	Hypothetical Beginning Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$472.50	$9,922.50	$691.37	$9,783.59
2	$9,783.59	$489.18	$10,272.77	$146.36	$10,128.95
3	$10,128.95	$506.45	$10,635.40	$151.52	$10,486.50
4	$10,486.50	$524.33	$11,010.83	$156.87	$10,856.67
5	$10,856.67	$542.83	$11,399.50	$162.41	$11,239.91
6	$11,239.91	$562.00	$11,801.91	$168.14	$11,636.68
7	$11,636.68	$581.83	$12,218.51	$174.08	$12,047.45
8	$12,047.45	$602.37	$12,649.82	$180.22	$12,472.72
9	$12,472.72	$623.64	$13,096.36	$186.59	$12,913.01
10	$12,913.01	$645.65	$13,558.66	$193.17	$13,368.84
Cumulative		$5,550.78		$2,210.73

FEDERATED INTERCONTINENTAL FUND - B CLASS
ANNUAL EXPENSE RATIO: 2.41%
MAXIMUM FRONT-END SALES CHARGE: NONE
Year	Hypothetical Beginning Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$244.12	$10,259.00
2	$10,259.00	$512.95	$10,771.95	$250.44	$10,524.71
3	$10,524.71	$526.24	$11,050.95	$256.93	$10,797.30
4	$10,797.30	$539.87	$11,337.17	$263.58	$11,076.95
5	$11,076.95	$553.85	$11,630.80	$270.41	$11,363.84
6	$11,363.84	$568.19	$11,932.03	$277.42	$11,658.16
7	$11,658.16	$582.91	$12,241.07	$284.60	$11,960.11
8	$11,960.11	$598.01	$12,558.12	$291.97	$12,269.88
Converts from Class B to Class A				Annual Expense Ratio: 1.47%
9	$12,269.88	$613.49	$12,883.37	$183.55	$12,703.01
10	$12,703.01	$635.15	$13,338.16	$190.03	$13,151.43
Cumulative		$5,630.66		$2,513.05

FEDERATED INTERCONTINENTAL FUND - C CLASS
ANNUAL EXPENSE RATIO: 2.25%
MAXIMUM FRONT-END SALES CHARGE: NONE
Year	Hypothetical Beginning Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$228.09	$10,275.00
2	$10,275.00	$513.75	$10,788.75	$234.37	$10,557.56
3	$10,557.56	$527.88	$11,085.44	$240.81	$10,847.89
4	$10,847.89	$542.39	$11,390.28	$247.43	$11,146.21
5	$11,146.21	$557.31	$11,703.52	$254.24	$11,452.73
6	$11,452.73	$572.64	$12,025.37	$261.23	$11,767.68
7	$11,767.68	$588.38	$12,356.06	$268.41	$12,091.29
8	$12,091.29	$604.56	$12,695.85	$275.79	$12,423.80
9	$12,423.80	$621.19	$13,044.99	$283.38	$12,765.45
10	$12,765.45	$638.27	$13,403.72	$291.17	$13,116.50
Cumulative		$5,666.37		$2,584.92

FEDERATED INTERCONTINENTAL FUND - R CLASS
ANNUAL EXPENSE RATIO: 1.88%
MAXIMUM FRONT-END SALES CHARGE: NONE
Year	Hypothetical Beginning Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$190.93	$10,312.00
2	$10,312.00	$515.60	$10,827.60	$196.89	$10,633.73
3	$10,633.73	$531.69	$11,165.42	$203.03	$10,965.50
4	$10,965.50	$548.28	$11,513.78	$209.37	$11,307.62
5	$11,307.62	$565.38	$11,873.00	$215.90	$11,660.42
6	$11,660.42	$583.02	$12,243.44	$222.64	$12,024.23
7	$12,024.23	$601.21	$12,625.44	$229.58	$12,399.39
8	$12,399.39	$619.97	$13,019.36	$236.75	$12,786.25
9	$12,786.25	$639.31	$13,425.56	$244.13	$13,185.18
10	$13,185.18	$659.26	$13,844.44	$251.75	$13,596.56
Cumulative		$5,763.72		$2,200.97

FEDERATED INTERCONTINENTAL FUND - IS CLASS
ANNUAL EXPENSE RATIO: 1.17%
MAXIMUM FRONT-END SALES CHARGE: NONE
Year	Hypothetical Beginning Investment	Hypothetical Performance Earnings	Investment After Returns	Hypothetical Expenses	Hypothetical Ending Investment
1	$10,000.00	$500.00	$10,500.00	$119.24	$10,383.00
2	$10,383.00	$519.15	$10,902.15	$123.81	$10,780.67
3	$10,780.67	$539.03	$11,319.70	$128.55	$11,193.57
4	$11,193.57	$559.68	$11,753.25	$133.47	$11,622.28
5	$11,622.28	$581.11	$12,203.39	$138.58	$12,067.41
6	$12,067.41	$603.37	$12,670.78	$143.89	$12,529.59
7	$12,529.59	$626.48	$13,156.07	$149.40	$13,009.47
8	$13,009.47	$650.47	$13,659.94	$155.13	$13,507.73
9	$13,507.73	$675.39	$14,183.12	$161.07	$14,025.08
10	$14,025.08	$701.25	$14,726.33	$167.24	$14,562.24
Cumulative		$5,955.93		$1,420.38

June 14, 2013

Federated InterContinental Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

Q451753 (6/13)

Federated InterContinental Fund

A Portfolio of Federated Equity Funds

CLASS A SHARES (TICKER RIMAX)
CLASS B SHARES (TICKER ICFBX)
CLASS C SHARES (TICKER ICFFX)
CLASS R SHARES (TICKER ICFKX)
INSTITUTIONAL SHARES (TICKER ICFIX)

SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED January 31, 2013

Effective June 24, 2013, under the heading entitled “How is the Fund Sold?,” please add the following as the final paragraph under the sub-heading “Rule 12b-1 Plan (Class A Shares, Class B Shares, Class C Shares and Class R Shares)”:

“Regarding the Fund's A class, the A class of the Fund currently does not accrue, pay or incur any Rule 12b-1 Plan fee, although the Board of Trustees has approved the A class of the Fund to accrue, pay and incur a Rule 12b-1 Plan fee of up to a maximum amount of 0.05%, or some lesser amount as the Board of Trustees shall approve from time to time. The A class of the Fund will not incur or charge such Rule 12b-1 Plan fees until such time as approved by the Fund's Board of Trustees.”

June 14, 2013

Federated InterContinental Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

Q451772 (6/13)